Silver at 9-1/2 months high, gold prices rise

Mumbai, Feb 25: Spot silver today edged up to 9-1/2 months high and gold rose on bullish global advice. Both the precious metal hiked by Rs 220 each during the week ended February 24 on the Bombay Bullion Exchange.

Silver .999 fineness grade opened steady on Tuesday last at Rs 20,495 per kg on moderate demand from domestic industrial users.

Monday was a public holiday. Silver recorded a high of Rs 20,720 on February 24 and a low of Rs 20,105 per kg on Februay 21 before closing at Rs 20,715 per kg with a huge gain of Rs 220 per kg from its last weekend close, traders said.

In the global markets, silver closed high at USD 13.90/14.58 per troy ounce during the week ended February 23 as compared to the previous weekend close of USD 12.80/13.99 per troy ounce.

Similarly, standard mint gold (99.5 fineness) opened high on Tuesday last at Rs 9,625 per ten gm followed by pure gold (99.9 fineness) at Rs 9,675 per ten gm on improved demand from ornament makers.

The yellow metal registered a high of Rs 9,795 on February 24 for standard mint and Rs 9,845 for pure gold on the same day.

Standard mint gold recorded a low of Rs 9,450 per ten gm on February 21. Likewise, pure gold also registered a low of Rs 9,500 per ten gm on the same day. Finally, both the yellow metals closed upward at Rs 9,795 for standard gold and Rs 9,845 for pure gold with a huge gain of Rs 220 per ten gm from their last week's close.

Meanwhile, in London, gold also went up USD 681/683.50 per troy ounce during the week ended February 23 as compared to the previous week's close of USD 667.00/669.50, traders added.

UNI